REG - Premier African Min. - Circum Update

Premier African MineralsAnnouncement

16/04/2025 18:00

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RNS Number : 3433F  Premier African Minerals Limited  16 April 2025

16 April 2025

Premier African Minerals Limited

Circum Update

 

Premier African Minerals Limited ("Premier" or the "Company") provides an
update on Circum Minerals Limited ("Circum") following a shareholder update
from Vortex Limited ("Vortex") which holds Premier interest in Circum
following the share swap as announced on 10 February 2022. Vortex has an
interest of 36.7% in the shares in issue of Circum.

Premier has been informed that the Ethiopian Ministry has revoked the Mining
and Licence Agreement ("MLA") notwithstanding the fact that a state of Force
Majeure has been in place at Circum since 20 September 2022.

Premier has been informed that Circum has declared a dispute and under the MLA
this will be resolved through the process of arbitration and Boies Schiller
Flexner have been engaged by Circum to act on this dispute. As at 30 June
2024, Premier's 13.1% interest in Vortex was held at a carrying value of
US$501,000.

George Roach, CEO, commented, "This property has great potential, and we
believe will become a producing mine. Based on the facts as they have been
explained to Premier by Vortex, we believe that the MLA should in due course
hopefully be restored to Circum."

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018. The person who arranged the release of
this announcement on behalf of the Company was George Roach.

 

A copy of this announcement is available at the Company's website,
www.premierafricanminerals .com (https://premierafricanminerals.com/)

 

Enquiries:

 

 George Roach                        Premier African Minerals Limited    Tel: +27 (0) 100 201 281
 Michael Cornish / Roland Cornish    Beaumont Cornish Limited            Tel: +44 (0) 20 7628 3396

                                     (Nominated Adviser)
 Douglas Crippen                     CMC Markets UK Plc                  Tel: +44 (0) 20 3003 8632
 Toby Gibbs/Harry Davies-Ball        Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090
 Andrew Monk / Andrew Raca           VSA Capital                         Tel: +44 (0)20 3005 5000

 

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

 

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'' ''could'' "should" ''envisage''
''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those
variations or comparable expressions including references to assumptions.
These forward-looking statements are not based on historical facts but rather
on the Directors' current expectations and assumptions regarding the Company's
future growth results of operations performance future capital and other
expenditures (including the amount. Nature and sources of funding thereof)
competitive advantages business prospects and opportunities. Such forward
looking statements reflect the Directors' current beliefs and assumptions and
are based on information currently available to the Directors. A number of
factors could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks associated with
vulnerability to general economic and business conditions competition
environmental and other regulatory changes actions by governmental authorities
the availability of capital markets reliance on key personnel uninsured and
underinsured losses and other factors many of which are beyond the control of
the Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be reasonable
assumptions. The Company cannot assure investors that actual results will be
consistent with such forward-looking statements.

 

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and
natural resource development company focused on Southern Africa with its RHA
Tungsten and Zulu Lithium projects in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare
earth elements, lithium and tantalum in Zimbabwe and lithium and gold in
Mozambique, encompassing brownfield projects with near-term production
potential to grass-roots exploration.

 
Ends

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